Technical Market Outlook:
The GBP/USD pair has been seen going lower again after the breakout to the downside from the consolidation zone. Currently, the market try to consolidate around the technical support located at 1.3807, but the next target for bears is the technical support around the level of 1.3717. Any violation of this line would trigger another wave down towards the key technical support seen at the level of 1.3668. The nearest technical resistance is located at the level of 1.3965.
Weekly Pivot Points:
WR3 - 1.4313
WR2 - 1.4216
WR1 - 1.3972
Weekly Pivot - 1.3876
WS1 - 1.3630
WS2 - 1.3538
WS3 - 1.3276
Trading Recommendations:
The weekly time frame chart still shows, that the up trend is intact.Only a sustained violation of the level of 1.3518 would trigger a bigger down move than a regular pull-back. When the corrective cycle is terminated, the up trend can be continued towards the next long-term target located at the level of 1.4222 (high from 24.02.2021).
